Got a question? All you need to know about Trio is right here.

Applications are accepted by email or fax and are available by clicking "Apply for Approval" on any page of our website. We strive to review your application and issue a pre-qualification within 48 hours of receipt. A $45 application fee (per applicant) is required.

Our application approval process includes reviewing your rental/mortgage history, credit score, and income. Our requirements are similar to renting and less stringent than mortgage qualification.

Qualification Standards:

• Currently employed
• Minimum credit score of 620, below 620 ok with foreclosure, job loss, short sale, medical or student loan exceptions
• 2 Year Verification of Rental History
• 2 Year Verification of Employment
• Foreclosures and Short-sales are OK with Explanation
• No Bankruptcy in the last 2 Years

For each monthly lease payment you make by the due date in your lease, we will apply a portion of your payment toward your down payment and/or closing costs should you choose to buy at the end of your lease.

In the case of Trio-Ready properties, our prices are pre-negotiated. All properties must be appraised and approved by our underwriting team prior to closing. If you are working with one of our team members to select a Trio-Candidate, you are involved from inception through inspection and closing.

Our team is constantly working to inspect and select homes across the country. For a home to be deemed "Trio-Ready" it must meet very high standards for neighborhood stability, quality of construction, and current age and condition. Once a home has met our standards, it is identified as "Trio-Ready", and anyone who qualifies may enter into specific discussions with a Trio representative about leasing that specific home.

A Trio-Candidate is a home, town home or condo that is nominated by a Trio approved applicant as a home they would like to finance, but is not yet designated as Trio-Ready. Our team then initiates a process of inspection and evaluation to make certain the home meets our standards.

Fresh Start Financing was developed as a financial tool to help homeowners who are in danger of losing their homes to foreclosure. And it is being recommended as a prudent step by many financial institutions. In simple terms, a homeowner agrees to convert their mortgage to a lease. The original mortgage is retired and a new market value based residual purchase price is set. At the end of the lease term, usually from one to five years, the lessee (formerly the mortgagee) has the option of purchasing the house back at the pre-determined price. This allows distressed homeowners to avoid damaging foreclosure proceedings, to stay in their house and get a fresh start.

Our residual option prices are set with the intent to assist you in building equity by the end of your lease. Our financing formula targets a discount equal to or greater than 7% of the ending value of your leased home or condo. In this way you have a portion of your down payment built in to the residual purchase price necessary to finance your home or condo at the end of the lease term. Our formula sets a floor amount that is equal to the original purchase price, including all costs, plus a financing factor. This floor is generally an amount above the current list price of the property. The ceiling is set at a 7% discount off of the ending appraised value of the property. A Trio representative will explain this to you in greater detail.

There are several ways to build equity over your lease period.  First, maintaining and/or improving your leased home or condo will help maintain and possibly increase your leased home’s value over the lease term.  Second, your residual purchase price is set at a formula targeting a discount of 7% of the ending value of your leased home or condo. Third, we apply up to 15% of your on-time monthly lease payments toward your purchase of your leased home or condo. Fourth, finance the end purchase of your leased home or condo through our preferred lending partners.  This saves the greatest amount of your costs to purchase the property – your lending fees.

Trio puts you in control of your housing future and offers complete flexibility.  At the end of your lease you can purchase your home using the equity you have built and benefit from Trio’s Homebuyer Bonus Program.  Or if the timing is not right for you to purchase, you can re-lease and extend, exchange your home for one that better suits your needs, or move-out. You have four options at the end of your lease:

• Free homebuyer and financial planning services provided by our leading non-profit partners
• A savings program in which Trio matches 25% of your savings contribution up to a $5,000 match
• Re-lease your home or condo for another agreed upon term
• Vacate your Trio home and move on

One of our goals is to produce better-educated and financially prepared homeowners.  To this end, Trio created its Homebuyer Bonus Program.  This program offers incentives and bonuses when opting to purchase your home at the end of your lease.  The program includes:

1. Free homebuyer planning services provided by Home for Good - our non-profit partner
2. Savings match program in which Trio matches 25% of your savings contribution up to a $5,000 match
3. Credits for each on-time monthly lease payment
4. Credit for up to 50% of your inception fee applied toward your financing costs when using our preferred lender

Trio is committed to work to help you purchase your home at the end of your lease should you decide to do so. Included in your lease is an option to participate in our savings match program. Under this program, we match 25% of your savings up to $5,000 should you purchase your home under the residual purchase option. If you opt not to purchase, your own savings contributions are returned to you at lease end. Trio's contributions are not redeemed unless you purchase.

Your inception fee is similar to an origination fee in a traditional mortgage. The inception fee includes ½% to 1% of the option price and a maintenance fee of $400 per year of the lease.

This fee is paid when you sign your lease. Should you opt to purchase your home at the end of your lease, 50% of your inception fee is credited toward your closing costs should you choose to use one of our preferred lenders.

Any quality new home, condominium, or town home may qualify to be financed with Trio. Trio first underwrites every property for qualification. Many projects are already underwritten and approved. These properties are known as "Trio-Ready". Other properties may be recommended to us as a "Trio-Candidate" and will be evaluated by our team.

We primarily finance quality newer homes and condos because newer homes are warranted by the developer and are less expensive to maintain.

Renting is fine if you want to live in an apartment building or an individual property with a landlord. Renting terms are usually leases of as little as six months. In general, renting gives you very little control over your future. With Trio, you can choose what to lease and have fixed payments over a one to five year lease. You’ll live like an owner in a condo, town home, or single-family residence with a pre-set future purchase option price. If you are interested in purchasing in the long-term, you can opt into financial assistance that helps defray the future cost of purchase, should you decide to do so. With Trio, you have the flexibility of renting with the security of leasing with an option to own. Trio is more secure than renting and smarter than buying right away.

Each Trio home is inspected and evaluated prior to financing to meet our high standards. Once in your home, you are responsible for normal repairs and maintenance on the property the same as if you financed using a traditional mortgage.  However, unlike a traditional mortgage, you benefit from the support of Trio’s property management company and maintenance service team. Our team orients you to how to maintain your home as well as reviews the maintenance schedule required under your lease.  If any repairs are required, our team provides a list of local preferred providers servicing our customers at a discount. This list is available through your property management lead. Additionally, the majority of our homes are covered under the developer and manufacturer's warranties as well as our umbrella property insurance. If you desire greater coverage, you may also choose to include an additional warranty with your purchase.  Ask your representative for more details.

There are several options to end your lease early. So if you need to exit your lease early, we do have a sub-lease program that allows you to sub-lease your Trio home to another party that meets our approval. If well qualified, the new occupant may take over your lease completely.

Yes, you can purchase your Trio home any time during your lease. Your residual option price is set up front in your lease. Ask your Trio representative for more details.

Mortgage payments are typically a combination of principle, interest and mortgage insurance. The principle payments on a mortgage aren’t of a significant amount until you’ve paid at least four years of mortgage payments. Until that time, your payments are largely comprised of interest on the loan and mortgage insurance for properties purchased with less than a 20% down payment. With a Trio property, your lease payments are based on monthly market prices of similar properties, which are significantly lower.